Collaborative Robots Market is reaching a valuation of US$ 8.65 Billion by 2029 - Comprehensive Research Report by FMI
The global Collaborative Robots Market is estimated to top US$ 1.71 Billion by the end of 2022. Introduction of advanced robots capable of working with humans in areas like smart parts assembly and electronics component production and assembly are fueling the demand for collaborative robots.
A new market research study by Future Market Insights on
the Collaborative Robots Market contains global industry
analysis 2014–2021 and opportunity assessment 2022 to 2029. The report
investigates the collaborative robots market and provides critical insights for
the forecast period of 2022-2029.
As per the findings of the report, the global collaborative
robots market is anticipated to experience substantial growth over the forecast
period due to multiple driving factors such as, growing adoption of automation
in end-use industry and reduction in labor cost coupled with high precision
work and high regional demand for collaborative robots.
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The East Asia Market Creating Significant Growth
Opportunities
East Asia region is projected to boost the growth of collaborative
robots market, owing to the significant rate of automation across industries.
South Korea is the leading country in robots per 10,000-person ratio, whereas
China has currently registered the highest growth rate in the same ratio.
Inclination of these countries towards collaborative robots fueled with
significant innovations in the technology is magnifying the market. Japan holds
a major share of the market in the East Asia region. To that end, East Asia is
expected to generate substantial growth opportunities in the forecast years.
Affordable Price and Multitude of Applications of
Collaborative Robots Contributing to the Market Growth
The global collaborative robots market has been segmented
based on the different types of payload capacities, their multiple
applications, end use industry and regions such as North America, Latin
America, Europe, South Asia, East Asia, Oceania, and Middle East and Africa.
- Collaborative
robots with payload capacity up to 5kg is projected to have the dominant
share of growth in the upcoming years. Lightweight collaborative robots
with payload capacity up to 5kg are being widely used for a range of
applications. The segmental growth is followed by 5-10kg payload capacity
collaborative robots.
- On the
basis of application, material handling is expected to hold a majority
share of the global collaborative robots market which is implemented in a
number of end-use industry. General assembly is another segment which is
projected to have a fair share in the market growth.
- Electronics
and Semiconductors industry is projected to have significant share in the
global collaborative robots market. Demand for high speed and precision
work fulfilled by collaborative robots is benefitting the industry on a
large scale.
How is the Surge in
Demand for Automation in Industrial Processes to Favor the Collaborative Robots
Market Growth?
As the fourth industrial revolution ‘Industry 4.0’ is set to
take the entire manufacturing and supply chain by storm, industrial players are
increasingly adopting efforts to increase their productivity, decline
production time, and improve resource utilization through the integration of
advanced technologies.
Increasing cost of labor even in traditional low-cost
carrier (LCC) countries such as China and India is further encouraging
manufacturing companies to adopt advanced automated technologies, especially
across automotive and electronics sectors.
As collaborative robots enhance the pace of production and
decline repetitive labor costs, they are increasingly gaining popularity in
applications such as welding, painting, quality testing, and material handling
among others, which is in turn, propelling the demand in the market.
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